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中芯華虹派發業績後走勢兩極 好倉部署可留意購28084/購24753

2026-05-15 Article
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Warning This article available in Chinese version only

中芯國際(981)首季業績整體穩健,收入25.05億美元,按年增11.5%,淨利潤1.97億美元,按年增5%,毛利率20.1%。管理層指受惠AI帶動電源管理、BCD、嵌入式存儲等需求,加上部分產品提價,第二季收入料再按季增14%至16%,毛利率升至20%至22%,反映在手訂單仍然充足。業績後股價於周五 (15/5)一度漲逾7%,不過尾市漲幅回落,如趁低部署好倉可考慮中芯認購證(28584),行使價83.93元,2026年11月到期,實際槓桿4.3倍。不過,管理層早前亦預告2026年折舊或增逾三成。如料成本壓力限制估值擴張淡倉可關注中芯認沽證(28738),行使價63.81元,2026年11月到期,實際槓桿3.4倍。

 

華虹半導體(1347)首季表現更具爆發力,收入6.61億美元,按年增22.2%,淨利潤2,092.9萬美元,按年大升逾4.5倍,毛利率13%。市場看好其原因,在於12吋產能快速爬坡、特色工藝如MCU、獨立式閃存及BCD高度受惠AI配套需求。不過,業績後股價下挫逾8%,仍看好華虹產能可留意認購證(24753),行使價140.09元,2026年8月到期,實際槓桿4.4倍。相反,現價失守一周低位120元,部署淡倉可留意華虹認沽證(28883),行使價100元,2026年11月到期,實際槓桿2.2倍。

本結構性產品並無抵押品,如發行人無力償債或違約,投資者可能無法收回部份或全部應收款項。

本文由香港上海匯豐銀行有限公司(「本行」或「發行商」)發行(包括任何參考條款),僅供參考之用,並不構成邀約、游說、或建議出售或購買結構性產品。

結構性產品屬複雜產品,投資者務須就此審慎行事,除非投資者完全了解及願意承擔所涉風險,否則切勿投資此產品。結構性產品價格可急升可急跌,投資者或會損失所有或大部分投資。過往表現並不反映將來表現。投資前應了解結構性產品之性質及風險,並詳閱有關上市文件,獨立決定是否適合自己,若需要應諮詢專業建議。本行及其委任之流通量提供者可能是結構性產品的唯一市場參與者,而結構性產品的二級市場可能有限。謹請注意,牛熊證設有強制收回機制,因此有可能提早終止,在此情況下(i)N類牛熊證投資者會損失於牛熊證的全部投資;而(ii)R類牛熊證之剩餘價值則可能為零。買賣與美國指數掛鈎的結構性產品可能帶有額外風險,包括:(a)與交易日和交易時間差異有關的風險;(b) 有關指數的公開資料較少,或未有提供中文版本;(c) 與指數有關的政治和經濟風險(例如美國);(d) 匯率風險; (e) 可能延遲結算及(f) 在成份股並無交易時公佈指數水平與MSCI中國A50互聯互通指數掛鈎的衍生權證投資者可能會承受額外風險,包括:(i) 新推出指數的風險;(ii) 指數成份股為透過滬港通及/或深港通在滬港通及深港通的北向交易渠道買賣的A股;(iii) 有關指數的公開資料較少,且該等資料或未有提供中文版本;(iv) 與指數有關的政治及經濟風險;(v) 匯率風險;及(vi) 人民幣利率風險。

作者為金管局及證監會持牌人士,並無就結構性產品或相關資產持有任何直接或間接權益。

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